Why Zillow estimation is too wrong recently for some specific house? I noticed that the same house, Zillow estimated 460k but Redfin estimated 600k. Black Knight estimated 530k. Only for that specific house, other houses in the same street still go up. A lot of buyer recently refers to zillow estimate to send the offer. How to make Zestimate more accurate? Tried to update facts of the house but it is not better. Tc:240k
Offers should be made based on comps...if the comps support it then it's likely going to be ok. Hell even if they don't it'll be ok if someone wants it bad enough. List price should be based on comps as well, but not sold price use list price
Well, just do not want to explain this to some people. I know we use comp to decide but not all buyers understand this. When Zestimate provides this number, buyer will use it to negotiate. I agree that if we list the house to market, we are fine but if we just want to sell it off market or just want to define the price of it to decide the net worth or exchange the house for something else then we do not know the price.
What are you talking about... If you don't want to talk to someone and tell them the price of your home I'm not sure what to say other then good luck or hire it out. Who cares what the buyer thinks your house is worth, if you believe strongly in a number stick to it. The appraisal is really all that matters in a transaction and those are made from....comps. Your primary home isn't or rather shouldn't be counted towards your net worth unless you're accounting for the replacement. If you exchange the house it's the same as a sale... It takes 5 min max to run a set of comps to get an idea. I think Zillow even let's you do this now on the site and pick similar properties to use for a more accurate estimate.
I've heard that one reason for this is that Texas is a non disclosure state so redfin Zillow don't get to see what the house sold for directly. I do know you can see it on the MLS so I'd imagine they could get it from there also but maybe that's blocked for them ?
Zillow is typically a good estimate and typically slightly ahead of the curve, which is what fucked them on 21. Redfin and Blacknight are not good sources for buyers because their estimates are behind the curve.
Why do you think it’s wrong???? Why do you care about estimates??
It is wrong when we compare to comp. The thing is buyer will negotiate using Zillow estimate.
Also, I am curious why this only happens with specific house, not in an area because almost houses go up, only few of them down